Frances Coppola attacks MMT straw man

Every economic school has its own theory of inflation. MMT, which until recently had no clear theory of inflation, was roundly criticised for this by mainstream and heterodox economists alike: it is now developing a theory which as far as I can see is based upon the idea that inflation is always and everywhere caused by inefficient deployment of labour. Hmm.

Huh?

Pieria
Inflation is always and everywhere a political phenomenon
Frances Coppola
(h/t Ralph Musgrave)

Dallas Fed — How Bad Was It? The Costs and Consequences of the 2007–09 Financial Crisis

Abstract 

The 2007-09 Financial crisis was associated with a huge loss of economic output and financial wealth, psychological consequences and skill atrophy from extended unemployment, an increase in government intervention, and other significant costs. Assuming the financial crisis is to blame for these associated ills, an estimate of its cost is needed to weigh against the cost of policies intended to prevent similar episodes. We conservatively estimate that 40 to 90 percent of one year's output ($6 trillion to $14 trillion, the equivalent of $50,000 to $120,000 for every U.S. household) was foregone due to the 2007-09 recession. We also provide several alternative measures of lost consumption, national trauma, and other negative consequences of the worst recession since the 1930s. This more comprehensive evaluation of factors suggests that what the U.S. gave up as a result of the crisis is likely greater than the value of one year's output.

Dallas Fed Staff Papers (July 2013)
How Bad Was It? The Costs and Consequences of the 2007–09 Financial Crisis
Tyler Atkinson, David Luttrell and Harvey Rosenblum